§ 63B-8-301 — Definitions.

As used in this part:
(1) "Bond anticipation note" means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under Part 2, 1999 Highway General Obligation Bond Authorization.
(2) "Flexible note" means a bond anticipation note whose interest is payable at maturity, and may be payable on one or more dates before maturity.
(3) (3)(a) "Short-term series note" means a bond anticipation note that is one of a series of notes issued pursuant to a financing program under which it is expected that:
(3)(a)(i) each note will be paid from the proceeds of one or more renewal notes of that series; and
(3)(a)(ii) the final note or notes of the series will be paid from:

(3)(a)(ii)(A) the proceeds of bonds in anticipation of the receipt of which the note or notes were issued; or
(3)(a)(ii)(B) money of the state on hand and legally available for that purpose.
(3)(b) "Short-term series note" includes any note issued pursuant to a revolving credit agreement or other similar liquidity facility for the purpose of renewing or paying outstanding short-term series notes on their stated maturity dates when those short-term series notes are not renewed or paid from the proceeds of one or more other renewal notes of the series.

Legislative History

Enacted by Chapter 331, 1999 General Session